Infosys is hiring more locals and investing heavily in Europe, as it appears to tap into “greenfield opportunities in its second-largest market. India's second-largest software services firm, it is yet to make any impact of Brexit on tech spends and is witnessing a broad-based growth across sectors in Europe, a market that accounts for over 22 per cent of its revenues.
Infosys president and head (Financial Services) Mohit Joshi said, “We are continuing to invest fairly heavily in Europe in terms of local hiring, in terms of beefing up our hunting and our farming teams for our accounts.” He added that growth in Europe has been broad-based across all sectors and reasonably spread out. He, however, did not specify the quantum of investments for the continent. Regarding Brexit, he said, “If you recollect about a year ago, people had concerns about what impact Brexit, for instance, would have on European technology spending, on our revenues. We have not seen that impact so far.”
He highlighted the importance of the European market, saying it does not have the same degree of saturation as the US market. “We also have a lot of greenfield opportunity in Europe... whether it is in the Nordics or in Southern Europe or even in the Benelux region, we still have a large number of prospects and the opportunity to mine existing clients very deeply... very optimistic about our long-term potential in this region.”
Europe accounted for 22.4% of the company's $2.65 billion revenue during April-June 2017 quarter. The US, which is the largest market for Infosys much like its peers, accounted for over 61% of the topline. Compared to the US that grew 1.3% on a sequential basis, Europe expanded by 4.7% during the June quarter.
